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S&P Revises Chicago's Outlook to Negative on Pension Costs
Reuters 
Sept. 16, 2013 "Under an Illinois law mandating actuarially required pension payments for police and fire retirement funds, Chicago's payment is projected to top $1 billion in fiscal 2015 from $483.4 million in fiscal 2014, which begins Jan. 1. Subsequent payments are expected to continue to climb, hitting $1.25 billion in fiscal 2020 ... S&P noted the unfunded liability for Chicago's four retirement funds had grown to $19.4 billion in 2012 from $11.9 billion in 2009, with a funded level of just 35 percent." MORE >> |
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